H. Post-employment benefits other than pensions (OPEB) (continued)

City Council Meeting · 2026-04-28 · agenda_item

This item concerns the City of Clermont's financial reporting on other post-employment benefits (OPEB) as of September 30, 2022. The city reported a total OPEB liability of $520,182. This information is part of the city's financial statements and is currently under review as part of a council meeting. The report details changes in the OPEB liability, including service costs, interest growth, changes in assumptions, and benefit payments. It also presents sensitivity analyses showing how the OPEB liability would change with different discount and trend rates. While this is a financial reporting item, it indicates the city's ongoing financial management and planning. Businesses involved in financial consulting, accounting, and legal services may find this information relevant for understanding municipal financial practices and potential future needs.

total OPEB liability

520,182 $

measurement date

September 30, 2022

Balance, at September 30, 2021

1,107,840 $

Service cost

30,733

Expected interest growth

50,842

Change in assumptions

668,874

Benefit payments

359

Net changes

587,658

Balance, at September 30, 2022

520,182 $

1% Decrease Discount Rate

4.59 %

Current Discount Rate

3.59 %

1% Increase Discount Rate

5.59 %

Net OPEB Liability at 1% Decrease

731,785 $

Net OPEB Liability Current Rate

520,182 $

Net OPEB Liability at 1% Increase

378,644 $

1% Decrease Ultimate Trend

6.00 %

Ultimate Trend

7.00 %

1% Increase Ultimate Trend

8.00 %

Net OPEB Liability at 1% Decrease Trend

377,896 $

Net OPEB Liability at Ultimate Trend

520,182 $

Net OPEB Liability at 1% Increase Trend

726,775 $